Alphabet, Inc.

Alphabet, Inc. is a newly founded holding company for the Google group of businesses. Under the new operating structure, its main Google business will include search, ads, maps, apps, YouTube and Android and the related technical infrastructure (the 'Google business'). Businesses such as Calico, Nest, and Fiber, as well as its investing arms, such as Google Ventures and Google Capital, and incubator projects, such as Google X, will be managed separately from the Google business. The new legal and operating structure will be introduced in phases over the coming months and when finalized, Google anticipates that it will result in two reportable segments for financial reporting purposes, with the Google business presented separately from other Alphabet businesses taken as a whole. Accordingly, Alphabet will report its results under this new structure commencing with its Q4 earnings release and its Annual Report on Form 10-K for the period ending December 31, 2015. The company was founded on 2nd October, 2015 and is headquartered in Mountain View, CA.

Source FactSet

These written comments are provided for general information and are not intended to be complete explanations of these companies, or the business issues they face. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Holdings are subject to change.

Aena S.A.

Aena SA engages in the management and operation of a group of airports. It operates through the following segments: Airports, Off-terminal Services, International, and other. The Airports segment includes operations as airport manager, and management of commercial spaces in airport terminals. The Off-terminal Services segment operates parking lots and garages outside the terminals, and of the industrial and real estate assets. The International segment deals with the international development business. The company was founded on February 25, 2011 and is headquartered in Madrid, Spain.

Source: Factset

These written comments are provided for general information and are not intended to be complete explanations of these companies, or the business issues they face. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Holdings are subject to change.

Ryanair Holdings

Ryanair Holdings Plc operates an ultra-low cost, scheduled-passenger airline serving short-haul, point-to-point routes between Ireland, the United Kingdom, Continental Europe and Morocco. It provides low fares airline-related services, including scheduled services, and ancillary services—including car services, and Internet and other related services to third parties, across a European route network. The company was founded on June 5, 1996 and is headquartered in Dublin, Ireland.

Source: Factset

These written comments are provided for general information and are not intended to be complete explanations of these companies, or the business issues they face. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Holdings are subject to change.

T-Mobile US, Inc.

T-Mobile US, Inc. provides mobile communications services under the T-Mobile, MetroPCS, and GoSmart brands in the U.S., Puerto Rico, and the U.S. Virgin Islands. It offers postpaid and prepaid wireless voice, messaging and data services, and wholesale wireless services. The company also provides wireless handsets and accessories, including smartphones; wireless-enabled computers, such as notebooks and tablets; and data cards manufactured by various suppliers. It sells services, handsets, tablets, and accessories to consumers through the company's owned and operated retail stores, as well as through Websites; and to dealers and other third party distributors for resale through independent third-party retail outlets and a various third-party Websites. T-Mobile US, Inc. was formed through the business combination between T-Mobile USA, Inc. and MetroPCS Communications, Inc. on April 30, 2013 and is headquartered in Bellevue, WA.

Source: FactSet

These written comments are provided for general information and are not intended to be complete explanations of these companies, or the business issues they face. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Holdings are subject to change.

Facebook, Inc.

Facebook hosts a social networking service that allows its members to share content among their various social circles, and to restrict access through specified criteria. It is currently the pre-eminent global social platform, with ample room for international penetration growth, especially in emerging markets. It also has great scope to monetize its user base globally and to enjoy greater market share of online advertising, especially on mobile devices.

These written comments are provided for general information and are not intended to be complete explanations of these companies, or the business issues they face. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Holdings are subject to change.

Citigroup, Inc.

Citigroup is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company's services include investment banking, retail brokerage, corporate banking, and cash management products and services.

Citigroup's strategy focuses on banking trade flows between emerging markets, banking the affluent customer in emerging markets, and restructuring its U.S. retail bank. Citigroup has a global franchise with the ability to capture the banking revenues associated with trade flows as well as handle the cash management business of corporations. Banking the global emerging consumer is an attractive business with good returns and also provides Citigroup with the necessary deposits to fund its Corporate bank. Lastly, the realignment of the U.S. business and redeployment of that capital into higher return businesses with the potential for faster growth could lead to a business with a better than industry returns over time.

These written comments are provided for general information and are not intended to be complete explanations of these companies, or the business issues they face. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Holdings are subject to change.

Galaxy Entertainment Group Ltd.

Galaxy Entertainment is one of six casino operators with a license to operate in Macau. The company operates two flagship properties at the moment: Galaxy Macau and Starworld and is in the process of doubling the size of Galaxy Macau through Phase 2 expansion on the Cotai Peninsula.

The majority of Macau casino customers originate from China and Hong Kong with most of the revenue currently driven by the VIP market. The mass market opportunity though is increasing with rising wealth in China and infrastructure projects that enable easier access into Macau. Galaxy is well positioned to capture this incremental share.

These written comments are provided for general information and are not intended to be complete explanations of these companies, or the business issues they face. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Holdings are subject to change.

KEY PORTFOLIO ATTRIBUTES as of 28/02/2018

Assets

$81.27 M

Dividend Yield

1.7%

Portfolio P/E Forward 12 Months*

15.8x

Portfolio Price to Cash Flow*

9.7x

Portfolio Price to Book*

1.8x

Median Market Capitalization*

$15.4 B

Number of Holdings

33

5-Year Beta† (A shares vs. MSCI AC World Index)

0.84

* Source: FactSet

† Source: Morningstar

REGIONAL DIVERSIFICATION as of 28/02/2018

North America38.4%

Europe ex UK27.1%

Asia Pacific ex Japan21.9%

UK7.3%

Other4.7%

Latin America0.5%

Holdings are classified by country of risk as determined by MSCI and Bloomberg. The percentages may not add up to 100 due to rounding.

The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund’s current Prospectus. A copy of the full Prospectus and KIID for the Fund may be obtained by contacting the local Paying Agent through the Fund’s Transfer Agent, Brown Brothers Harriman Fund Administrator Services (Ireland) Limited or in the forms and literature section of this website. The Prospectus and KIID contain important information about the Fund and should be read carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not insured, nor are they bank deposits or guaranteed by a bank or any other entity.

This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the “Act”) and the handbook of rules and guidance issued from time to time by the FCA (the "FCA Rules"). This material is for information purposes only and does not constitute an offer to subscribe for or purchase any financial instrument. Thornburg Investment Management Ltd. ("TIM Ltd.") neither provides investment advice to, nor receives and transmits orders from, persons to whom this material is communicated nor does it carry on any other activities with or for such persons that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules. All information provided is not warranted as to completeness or accuracy and is subject to change without notice.

The Fund is a sub-fund of Thornburg Global Investment plc, an open-ended umbrella type investment company with segregated liability between sub-funds, authorised by the Central Bank of Ireland (CBI) on 25 November 2011 as an investment company pursuant to the UCITS Regulations. Authorisation of the Company by the CBI is not an endorsement or guarantee of the Company by the CBI nor is the CBI responsible for the contents of the Prospectus or KIID.

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